Forget PepsiCo, ‘this’ company should buy Mondelez: Cramer

The Mad Money host looks at whether a snack unit would have counter-balanced low volume growth at Coca-Cola. Does the PepsiCo business model, with their Frito-Lay unit, provide a better strategy for growth.

The Mad Money host drew that conclusion after Coke released results that disappointed the Street with Coke chairman and CEO Muhtar Kent blaming the global recovery and the weather for weakness: "Our second quarter volume results came in below our expectations, reflecting an ongoing challenging global macroeconomic environment and unusually poor weather conditions in the quarter," he said.

Cramer was stunned by the commentary. "Challenging global macro conditions? What? – Coke isn't a car. It's not even a washing machine!" That is, Cramer doesn't believe very many people stop buying Coke because they're worried about the global economy as Muhtar Kent suggested.

"And weather? Do we stop drinking Coke if it is cooler or rainier in some places? That didn't hold a lot of water with me, either" Cramer said.

That is, PepsiCo's Frito Lay division has been a driver of growth with PepsiCo CEO Indra Nooyi focused on healthier snacks.

"To me the combination of the Frito Lay division and the drinks division is what's making PEP the stand out here," Cramer said. "Looking at the latest results, I think Coke told us that it's not enough to be just a drink company, anymore."